Kentucky Statutes 393A.020 – Inapplicability to foreign transaction
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This chapter shall not apply to:
(1) Property held, due, and owing in a foreign country if the transaction out of which the property arose was a foreign transaction;
(2) Money, funds, or any other intangible property held by or owing:
(a) To a nonprofit exempt under Section 501(c)(3) of the Internal Revenue Code; (b) For any minerals or other raw materials capable of being used for fuel in the
course of manufacturing, processing, production, or mining; or
(c) For any mineral proceeds;
(3) Wages or salaries of fifty dollars ($50) or less that are not claimed by an employee within one (1) year of the date the wages or salaries are earned, unless the amounts are held on a payroll card;
(4) Moneys in inmate accounts and prisoner canteen accounts held by jailer under KRS
441.137; or
(5) Funds held in a lawyer IOLTA trust account under Supreme Court Rule 3.830.
Effective: June 27, 2019
History: Amended 2019 Ky. Acts ch. 125, sec. 3, effective June 27, 2019. — Created
2018 Ky. Acts ch. 163, sec. 2, effective July 14, 2018.
(1) Property held, due, and owing in a foreign country if the transaction out of which the property arose was a foreign transaction;
Terms Used In Kentucky Statutes 393A.020
- Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
- Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
- Mineral: means gas, oil, coal, oil shale, other gaseous liquid or solid hydrocarbon, cement material, sand and gravel, road material, building stone, chemical raw material, gemstone, fissionable and nonfissionable ores, colloidal and other clay, steam and other geothermal resources, and any other substance defined as a mineral by law of this state other than this chapter. See Kentucky Statutes 393A.010
- Payroll card: means a record that evidences a payroll card account as defined in 12
C. See Kentucky Statutes 393A.010 - Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Year: means calendar year. See Kentucky Statutes 446.010
(2) Money, funds, or any other intangible property held by or owing:
(a) To a nonprofit exempt under Section 501(c)(3) of the Internal Revenue Code; (b) For any minerals or other raw materials capable of being used for fuel in the
course of manufacturing, processing, production, or mining; or
(c) For any mineral proceeds;
(3) Wages or salaries of fifty dollars ($50) or less that are not claimed by an employee within one (1) year of the date the wages or salaries are earned, unless the amounts are held on a payroll card;
(4) Moneys in inmate accounts and prisoner canteen accounts held by jailer under KRS
441.137; or
(5) Funds held in a lawyer IOLTA trust account under Supreme Court Rule 3.830.
Effective: June 27, 2019
History: Amended 2019 Ky. Acts ch. 125, sec. 3, effective June 27, 2019. — Created
2018 Ky. Acts ch. 163, sec. 2, effective July 14, 2018.